GCB Bank grants moratorium and reduces personal loan interest

GCB Bank has reduced interest rates on personal loans from 26 per cent to 24 per cent per annum with immediate effect.

The Bank has also granted a two-month moratorium on both the principal and interest repayment on personal loans.

The measures form part of extensive efforts by the Bank to lessen the impact of the new coronavirus (COVID-19) on its customers and Ghanaians in general.

The Managing Director of GCB Bank, Anselm Ray Sowah, stated that “as Ghana’s largest indigenous Bank, we have the mandate to seek the interest and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive”.

“The reduction in interest rates and the moratorium granted are thus a reflection of the Bank's tireless commitment in helping to positively impact the lives of Ghanaians especially in these trying times,” he added.

Commenting on the initiative, Head of Consumer Banking of GCB Bank, Mr. John Adamah, stated that the Bank is conscious of the hardships the coronavirus is inflicting on Ghanaians through low productivity, job and salary cuts, culminating in reduced household income, adding that this is a direct intervention aimed at helping individuals to meet pressing personal needs.

GCB Bank, which recently celebrated its 67th anniversary, has been at the forefront of the Covid-19 fight and was the first bank to make a donation to the COVID-19 National Response Team through the Ministry of Health.

Over the three few months, the Bank has made donations to the Ministry of Sanitation and Water Resources, Ministry of Local Government and Rural Development, the Judiciary and also provided lunch to 650 frontline health workers for almost two months, amongst others to help the country in the battle against Covid-19.

GCB has also provided personal protective equipment (PPE) and water storage tanks to selected Metropolitan/Municipal/District Assemblies, market centres and health facilities around the country.